Asbestos Still Unfunded By $45B: Best

A study by A.M. Best Co. says the amount of asbestos risk unfunded by carriers has dropped, but a wave of new litigation threatens existing reserves and insurers need to do more to pump up reserves.

In a report titled “Asbestos Wave Rises; Crest Yet to Come,” the Oldwick, N.J.-based insurance rating firm painted a worrisome picture of the future of asbestos and environmental related risks. The 14-page report said there remains $45 billion in unfunded asbestos and environment risk ($20 billion for asbestos; $25 billion for environmental), in spite of the asbestos reserve hikes some carriers have made since Best published its 2001 estimates.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.